The impact of financial reform on land resource allocation efficiency:A quasi-natural experiment based on the national comprehensive financial reform pilot zone
[Objective]Optimizing resource allocation is one of the important goals of financial re-form in China.This study aimed to analyze the influence of the establishment of the national com-prehensive financial reform pilot zones on land resource allocation efficiency,in order to provide a theoretical basis for further improving the land resource allocation efficiency improvement system.[Methods]This study took the establishment of the national comprehensive financial reform pilot zones as a quasi-natural experiment and analyzed the impact of financial reform on land resource allocation efficiency based on the panel data of 283 Chinese cities from2008 to 2019 by using the progressive difference-in-differences method.[Results](1)The benchmark regression results show that the establishment of the comprehensive financial reform pilot zones significantly improved land resource allocation efficiency.The results remain stable after a series of robustness tests,in-cluding parallel trend test,placebo test,interference exclusion policy,replacement of explained variables and sample period,multi-time heterogeneous robustness test,synthetic difference-in-dif-ferences test,and propensity score matching.(2)There was a significant heterogeneity in the im-pact of the establishment of the national comprehensive financial reform pilot zones on the urban land resource allocation efficiency.The results of heterogeneity analysis show that the national fi-nancial reform pilot policy had a more significant promoting effect on land resource allocation effi-ciency in industrial cities,cities with low financial development levels,and cities with abundant land supply.(3)The results of mechanism analysis show that the establishment of the national com-prehensive financial reform pilot zones could improve land resource allocation efficiency by im-proving the marketization level of land transfer and accelerating industrial agglomeration.[Conclu-sion]The establishment of the national comprehensive financial reform pilot zones can further play a role in optimizing land resource allocation on the basis of deepening the reform of the finance sys-tem.Therefore,leveraging financial reform to its fullest extent in enhancing land resource alloca-tion efficiency,promoting the reform of financial system reform,and optimizing the factors'alloca-tion are effective ways to achieve the goal of high-quality economic development.
financial reformland resource allocation efficiencyland transfer marketizationin-dustrial agglomerationprogressive difference-in-differences modelChina
NETL
NSTL
万方数据
